Spartanburg Preparatory School

Analysis

Spartanburg Preparatory School is a registered charity in United States, based in Spartanburg, SC. It received its IRS tax-exemption ruling in October 2008, 18 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Spartanburg Preparatory School reported income of $7.3m and spending of $7.9m, spending 108% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.1m to $7.3m (+21%), an average of +4.8% a year. The sharpest change came in the year to June 2021, when income rose by 23%. Over the whole period it spent 101% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Spartanburg Preparatory School sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 96th percentile within SC. Charities of a similar size with the same main cause include The Foundation for Santa Barbara City College ($7.3m), Fayette Academy ($7.3m) and Academy Del Sol Inc ($7.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 92% and program service revenue 6.8% of the total. Compensation of current officers, directors and key employees was $115k (1.5% of expenses). Other salaries and wages came to $3.9m. At year end it held assets of $12.9m against liabilities of $12.0m, net assets of $827k. It reported 141 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.